Editor’s Note
This article has been updated to clarify that Vhernier’s first Hong Kong boutique is scheduled to open at The Peninsula hotel in Tsim Sha Tsui later this year.
Swiss luxury group Richemont is planning to expand its Italian jewelry brand Vhernier into the Asian market, with a new boutique set to open in Hong Kong later this year.
Vhernier will make its Hong Kong debut at the iconic luxury hotel The Peninsula in the Tsim Sha Tsui district. A spokesperson for the hotel’s owner, The Hongkong and Shanghai Hotels, Ltd., confirmed the upcoming opening. According to a person familiar with the matter, the boutique is expected to open in the fourth quarter. The person requested anonymity as the information is not yet public. Richemont declined to comment.
The arrival of high-end foreign brands is seen as potentially injecting vitality into Hong Kong’s sluggish retail market. Data from real estate consultancy Jones Lang LaSalle shows that the vacancy rate in core shopping centers reached a record 10.5% in the first half of the year. Rents are expected to fall by up to 10% in 2025. The number of visitors to Hong Kong grew by 12% in the first half, but total local sales of jewelry and watches fell by 6%.
Despite this, high-end jewelry remains one of the more resilient categories within the broader luxury industry. Industry research indicates that jewelry is outperforming categories such as watches and apparel. Driven by geographic expansion, increased online penetration, and expanding cross-generational appeal, branded jewelry sales are projected to grow by approximately 6% annually.
Richemont acquired Vhernier last year to strengthen its jewelry portfolio. Founded in 1984 in Valenza, Italy, and now headquartered in Milan, the brand is known for its sculptural, handcrafted pieces that blend modern design with traditional craftsmanship. According to its official website, Vhernier currently operates boutiques primarily in Europe and the United States.